Upco International plans to apply its blockchain e-Wallet technologies to cannabis payment and tracking markets

With the forthcoming addition of the Upco e-Wallet using Blockchain Payment Services, users will be able to: send invoices, approve payments, transfer international funds, convert international currencies, and track transfers and payments.

Video Transcript:

Upco International, a cloud-based global telecom carrier, plans to leverage its blockchain and e-Wallet technology to support the emerging and rapidly growing cannabis industry.

Andrea Pagani, CEO, stated: "Our advanced blockchain e-Wallet will help to foster the security and legitimacy of this very significant sector, while also enhancing its supply chain efficiency. We are also exploring other potential synergies with the Cannabis industry, including reward programs."

With the highly regulated legalization of Cannabis in Canada and 22 European countries, management believes there is a need, and opportunity, to securely track and report on aspects of transactions that are subject to regulation, including the age and identity of the purchaser.

UPCO's technology will foster compliance with regulatory frameworks, while also retaining an audit trail on transactions.

This will benefit both purchasers, who will retain a detailed transaction record in their e-Wallet, and vendors, by helping to ensure compliance, which is pivotal to best practices and licensing.

Upco has designed a software application for Apple iOS and Android, similar to SKYPE and WhatsApp.

With the forthcoming addition of the Upco e-Wallet using Blockchain Payment Services, users will be able to: send invoices, approve payments, transfer international funds, convert international currencies, and track transfers and payments.

Every transaction is fully protected by encryption.

Under a recent agreement with Emoney, Upco is developing an interface between Emoney and the Upco application regarding user authentication and transaction/account management, which encompasses both fiat and cryptocurrencies

Emoney, licensed in Malta, issues and acquires electronic money, builds innovative tools for payments and creates networks between the biggest European players.

Integration between Emoney and e-Wallet, will position Upco to provide the cannabis sector with a convenient, robust, and secure financial solution that provides Upco merchants with reliable customer verification based on a secure onboarding process managed by eMoney.

Utilizing a debit Mastercard as an extension of the e-Wallet, users will be able to pay any approved global Mastercard merchant.

According to Statista, in 2018, global transaction volume in the mobile point-of-sale payments space is expected to reach US$391 billion in 2018 and is projected to increase to more than US$1.3 trillion by 2022.

The UPCO team is seeking to enter into discussions with cannabis industry leaders regarding shared opportunities and synergies, in order to bring their technology to the forefront in this exciting sector.

In Canada alone, cannabis represents a $23-billion industry, including an estimated $6-billion in revenue from 13 million recreational users.

The European cannabis market is projected to be worth 115.7 billion Euros by 2028, with various reports indicating the global cannabis market could exceed $500 billion.

Sid Rajeev, Analyst with Fundamental Research, stated: “With the incorporation of blockchain technology into Upco Mobile, we believe that Upco has the potential to be a disruptive offering in the mobile payments processing space.”

The company is currently raising gross proceeds of up to $1 million by way of a private placement of up to 4,550,000 shares priced at $0.22, with proceeds to be used for general working capital.